The Icahn-led group, which amassed 19.4 million shares of Cheniere for a little over $1 billion, said it intends to have talks with the company’s management and board about operations, capital expenditures, financing and executive compensation, according to a filing with the U.S. Securities and Exchange Commission.

Cheniere, which is based in Houston, is preparing to export the first major amounts of U.S. natural gas by sea later this year from a plant in the final phases of construction on Louisiana’s Gulf Coast.

Mr. Icahn may also seek representation on the company’s board, the filing notes.

Cheniere has obtained federal permits to export U.S. natural gas abroad by super-chilling it into liquid form so it can be loaded onto tankers. The company has signed deals with buyers to purchase the gas over 20 years and expects to ship its first cargoes as early as the end of 2015. It has also committed to building a second massive export facility near Corpus Christi, Texas, which is estimated to cost up to $16 billion to build and finance.

Cheniere has lost money every year since it was founded almost 20 years ago, including in the second quarter, when it posted a loss of $142.3 million. But the company’s contracts to sell gas promise to generate billions of dollars annually in steady cash flow once gas shipments begin, and it has a market capitalization of $15 billion.

Cheniere has also drawn fire from some shareholders and proxy advisory firms over its compensation practices. The company granted its chief executive, Charif Souki, a pay package valued at $142 million for 2013, making him one of the most highly paid executives in the country. Last year, Cheniere valued his pay at $7.7 million, and as of this year he no longer receives a salary.

Mr. Icahn is known for acquiring big stakes in companies and agitating for changes, and has shaken up the boards of directors at
Chesapeake Energy Corp.
,
Transocean Inc.
and
CVR Energy Inc.